In response to an editorial published by The Washington Post on September 6th titled, “It’s time for the corporate visa giveaway to go away”, IIUSA Executive Director Peter D. Joseph penned a letter to the editor which corrects the record and illustrates the EB-5 Program’s vast contribution to the U.S. economy. Below is the letter printed in full.
To the editor:
It is disappointing and surprising that the Post opposes the EB-5 investor visa program without understanding the facts.
According to IIUSA’s latest peer-reviewed economic impact report, from FY2010 to FY2013 alone EB-5 investments totaled $7.6 billion, contributed $9 billion to GDP and supported an average of 29,000 jobs annually.
While this is a small percentage of U.S. job creation and GDP, EB-5’s on-the-ground impact should not be understated. Looking behind the data tells the true story: new senior housing in rural Washington, thriving business centers on the sites of shuttered military bases in California, New York, and Pennsylvania, a new ethanol facility in North Dakota, and, yes, new hotels – including renovations of buildings in marginal neighborhoods that now anchor vibrant redevelopment districts.
During and after the recession, lending for projects that revitalize communities and create jobs dried up. Today, large-scale projects need diversified financing to get off the ground. EB-5 investments have filled that niche, jump-starting economic development and creating jobs at no cost to the taxpayer. That’s why organizations including the U.S. Conference of Mayors and National Association of Counties support the program, and why Congress should reauthorize EB-5 with commonsense reforms to strengthen oversight and program integrity.
Peter D. Joseph
Executive Director, Invest in the USA (IIUSA)